If I understand correctly, it can be re-pegged to anything. Having it properly pegged seems like the challenge. But you can peg it to whatever.
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If I understand correctly, it can be re-pegged to anything. Having it properly pegged seems like the challenge. But you can peg it to whatever.
I would love to see it become re-pegged to a basket of currencies and commodities.
Eg.
10% Dollar
10% Euro
10% Swiss Franc
10% Gold
10% Silver
10% Platinum
10% Oil
10% Corn
10% Lithium
10% Copper
It wouldn't be very difficult technically. The harder part is just getting consensus on doing it and when to start. The starting date would determine the weight of each commodity (ie. find the weight of eg. copper that = $0.10 on that date, and that represents a portion of the peg from then on)
to complex never work. It should be super simple :D
Nothing changes for usage. To the user the only change is the concept (pegged to basket of commodities instead of USD), so it's like holding a foreign but still stable currency, like holding Euro even though you live in UK.
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if it should be a mix, it's like an index and very complex to peg.
Other currency pegs could be with smart contracts made. For example with collateral ones.
Sure and people need to agree it is worth this amount. Look HBD, it is worth 1 dollar in Hive.
Doesn't work. Do you think with a more complex product it would work? I can tell you, nope.
It would need a creation on demand mechanic.
The challenge, besides the technical one, is the representation of value for the user. They can't understand its current value easily. How many burgers do you get for 10 HBD?
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